NOTFOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
October 3, 2024 – Vancouver, BC, Canada. Infield Minerals Corp. (TSX-V: INFD) (“Infield” or the “Company”) is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to $250,000, comprising 8,333,333 post-consolidation (see below)common shares of the Company at a price of $0.03 per post-consolidation common share (the “Financing”).
Any securities issued under the Financing will be subject to a statutory hold period of four months and one day from the date of issuance. The Financing is subject to approval of the TSX Venture Exchange ("TSX-V").
It is anticipated that certain officers and directors of the Company will participate in the Financing. The Company may pay commissions to qualified finders in Canada in connection with the Financing, in accordance with TSX-V policies.
Share Consolidation
In connection with the Financing, Infield intends to consolidate the Company's common shares, subject to TSX-V approval, on the basis of one post-consolidation common share for every 2 pre-consolidation common shares(the “Consolidation”). The Company will not be seeking a new name or trading symbol. In accordance with the articles and bylaws of the Company, the Consolidation has been approved by the board of directors of the Company, and share holder approval is not required.
The Company will issue a future news release announcing the effective date of the Consolidation and its new CUSIP and ISIN numbers.
Currently, there are 54,205,627 common shares issued and outstanding, and after the Consolidation and before the closing of the Financing, there will be approximately 27,102,814common shares issued and outstanding. No fractional shares will be issued as any fractional share will be rounded to the nearest whole number.
Registered shareholders of the Company will receive a letter of transmittal from the Company's transfer agent with instructions for exchanging their pre-consolidation shares for post-consolidation shares. Shareholders who hold their shares through a broker or other intermediary will not need to complete a letter of transmittal.
The Company believes that the Consolidation may have the effect of, among other things: increasing the interest of the financial community in the Company and potentially broadening its pool of investors; improving trading liquidity; and reducing trading commissions and other transaction costs for shareholders.
Proceeds of the Financing will be used to fund exploration and property costs on the Company’s Kings Canyon Property in Utah, and for general working capital purposes.
For more information, please contact Evandra Nakano, the CEO, President and a director of the Company, at +1 (604) 220-4691 or email: info@infieldminerals.com
On Behalf of the Board of Directors of Infield Minerals Corp.
Evandra Nakano
President, CEO & Director
ABOUT INFIELD
Infield Minerals is currently exploring for gold within the U.S. Great Basin. Our mission is to grow and deliver value through discovery, acquisitions and sustainable development of high quality, high potential assets for the social and economic benefits of our stakeholders. Founded in 2020, Infield is led by a team of mining entrepreneurs with extensive technical and resource evaluation experience.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements included in this announcement, including statements concerning Infield’s plans, intentions and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward-looking statements include, among other matters, Infield’s exploration plans for its mineral exploration properties. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. Infield cautions readers that forward‐looking statements, including without limitation those relating to Infield’s future operations and business prospects, are subject to certain risks and uncertainties (including geopolitical risk, regulatory, and exchange rate risk) that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning future developments, circumstances or results, will materialize. The forward-looking statements included in this news release are made as of the date of this new release and Infield does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.
